Wealth, Poverty, and Politics

Hoover Institution fellow Thomas Sowell discusses inequality and how it is part of the human condition. Sowell notes that political and ideological struggles have led to a dangerous confusion about income inequality in America. We cannot properly understand inequality if we focus on the distribution of wealth and ignore wealth production factors such as geography, demography, and culture. What is important is not inequality but human capital; once human capital is unleashed it creates an enormous amount of wealth for people of all classes. In addition there needs to be a sense of humility and gratitude for the generations that have gone before us for the prosperity we have today.